Photo: Associated Press
September personal income was +0.1%. Analysts were expecting +0.3%.Personal spending was +0.6%, which was exactly what analysts were expecting.
The personal saving rate fell to 3.6%, down from 4.1% in August.
Spending has been surprisingly strong this year, despite weak consumer condfidence. Yesterday, we learned Q3 GDP came in line with expectations, largely due to an upside surprise in personal consumption expenditures.
Back in August, income unexpectedly fell 0.1%. Spending was right in line at 0.2%. These figures were not revised.
The full press release is available at the BEA website.
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